Russian PM Orders Research on Public Sector Blockchain Use

Russian Prime Minister Dmitry Medvedev has asked two government ministries to investigate public sector blockchain applications.

AccessTimeIconMar 7, 2017 at 6:00 p.m. UTC
Updated Aug 18, 2021 at 5:53 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Russian Prime Minister Dmitry Medvedev has asked two government ministries and a state-owned development bank to investigate public sector blockchain applications.

According to a transcript of a 6th March speech, Medvedev discussed blockchain and other topics before an audience of Russian government officials. After providing a brief overview of the tech, Medvedev said that he has asked the Ministry of Communications and the Ministry of Economic Development to research the use of the tech in the public space. Further, the Russian Development Bank – a state-backed financial services firm – has also been tasked with the research.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Medvedev went on to say (according to a translation):

    "I gave instructions to relevant ministries - the Ministry of Communications and Ministry of Economic Development - to consider the application of these technologies in the preparation of the program "Digital Economy'."

    published alongside the comments states that the ministries in question should examine how blockchain could be leveraged "in the system of public administration and the economy of the Russian Federation". According to the order, the ministries have a deadline of 11th May to develop their initial response.

    Medvedev's remarks come just over a week after he appeared during an investor event in Sochi, during which he said that blockchain "may thus decisively change our lives".

    The news signals that the Russian national government is aligning itself with efforts undertaken by both the country's private sector as well as its central bank, the Bank of Russia.

    The central bank has spearheaded a new fintech-focused working group, led by blockchain-friendly firm Qiwi. The Bank of Russia, too, has pursued research into areas like digital currencies, a process that saw it develop a distributed ledger platform dubbed "Masterchain".

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.